SEC 13F Intelligence

Managers / Q1 2026

Verdad Advisers, LP

CIK 0001812822 · 695 ATLANTIC AVENUE, 4TH FLOOR, BOSTON, MA, 02111 · 2022516707

Reported Value
$89M
Q1 2026
Positions
179
Filings on Record
18
2021–present window
Filed
May 15, 2026
original filing

Summary

Verdad Advisers, LP reported $89M in U.S.-listed holdings across 179 positions for Q1 2026.

Its largest position, BLTE, represents 2.5% of the portfolio.

Compared with Q4 2025, the fund opened 133 new positions and exited 58.

Portfolio Metrics

Turnover
+70.8%
vs prior filed quarter
Top-10 Concentration
+21.2%
share of reported value
Largest Position
+2.5%
Belite Bio
New / Exited
133 / 58
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’20: $265MQ4 ’20Q1 ’21: $314MQ2 ’21: $51MQ3 ’21: $138MQ3 ’21Q4 ’21: $148MQ1 ’22: $122MQ2 ’22: $106MQ2 ’22Q3 ’22: $69MQ4 ’22: $99MQ1 ’23: $50MQ1 ’23Q2 ’23: $64MQ3 ’23: $65MQ4 ’23: $49MQ4 ’23Q1 ’24: $92MQ2 ’24: $87MQ3 ’24: $75MQ3 ’24Q4 ’25: $87MQ1 ’26: $89Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 85.4%ADR: 8.5%REIT: 2.2%Other: 1.6%MLP: 1.0%Other: 1.3%
  • Common Stock · 85.4% · $76M
  • ADR · 8.5% · $8M
  • REIT · 2.2% · $2M
  • Other · 1.6% · $1M
  • MLP · 1.0% · $863,100
  • Other · 1.3% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BLTEBELITE BIO INCNEW+13.8K13.8K+$2M$2M
STTSTATE STR CORPNEW+16.7K16.7K+$2M$2M
ATHMAUTOHOME INCNEW+121.3K121.3K+$2M$2M
RVMDREVOLUTION MEDICINES INCNEW+21.6K21.6K+$2M$2M
ZYMEZYMEWORKS INCNEW+82.7K82.7K+$2M$2M
TENXTENAX THERAPEUTICS INCNEW+95.3K95.3K+$2M$2M
ACADACADIA PHARMACEUTICALS INCNEW+68.3K68.3K+$2M$2M
PARRPAR PAC HOLDINGS INCNEW+22.5K22.5K+$1M$1M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

179 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BLTEBELITE BIO INChistory →SPONSORED ADS2.48%$2M13.8K
2STTSTATE STR CORPhistory →COM2.37%$2M16.7K
3ATHMAUTOHOME INChistory →SP ADS RP CL A2.37%$2M121.3K
4RVMDREVOLUTION MEDICINES INChistory →COM2.36%$2M21.6K
5ZYMEZYMEWORKS INChistory →COM2.33%$2M82.7K
6CALMCAL MAINE FOODS INChistory →COM NEW2.20%$2M24.6K
7ZMZOOM COMMUNICATIONS INChistory →CL A1.95%$2M21.6K
8CRCCALIFORNIA RES CORPhistory →COM STOCK1.75%$2M22.5K
9TENXTENAX THERAPEUTICS INChistory →COM NEW1.72%$2M95.3K
10ACADACADIA PHARMACEUTICALS INChistory →COM1.71%$2M68.3K
11PARRPAR PAC HOLDINGS INChistory →COM NEW1.59%$1M22.5K
12JNJJOHNSON & JOHNSONhistory →COM1.49%$1M5.4K
13MUMICRON TECHNOLOGY INChistory →COM1.46%$1M3.8K
14NRIXNURIX THERAPEUTICS INChistory →COM1.46%$1M83.4K
15CMCSACOMCAST CORP NEWhistory →CL A1.34%$1M41.5K
16AHCOADAPTHEALTH CORPhistory →COMMON STOCK1.27%$1M95.0K
17CTNMCONTINEUM THERAPEUTICS INChistory →CL A1.26%$1M86.0K
18LRCXLAM RESEARCH CORPhistory →COM NEW1.24%$1M5.2K
19CLDTCHATHAM LODGING TRhistory →COM1.24%$1M140.0K
20BNYBANK NEW YORK MELLON CORPhistory →COM1.20%$1M9.0K
21AXSMAXSOME THERAPEUTICS INC.history →COM1.14%$1M6.0K
22CLYMCLIMB BIO INChistory →COM1.11%$990,099144.5K
23AMATAPPLIED MATLS INChistory →COM1.11%$989,1402.9K
24DSGNDESIGN THERAPEUTICS INChistory →COM1.11%$982,17892.3K
25JLLJONES LANG LASALLE INChistory →COM1.08%$962,5643.2K
26CVXCHEVRON CORPORATIONhistory →COM1.05%$936,2234.5K
27AMNAMN HEALTHCARE SVCS INChistory →COM1.03%$917,00050.0K
28TALKTALKSPACE INChistory →COM1.02%$908,476175.6K
29CRICARTERS INChistory →COM1.01%$894,00025.0K
30NGLNGL ENERGY PARTNERS LPCOM UNIT REPST0.97%$863,10070.0K
31MOMOHELLO GROUP INCADS0.97%$859,697149.3K
32ATAIATAIBECKLEY INCCOM SHS0.91%$805,952227.7K
33AIIAMERICAN INTEGRITY INS GROUPCOM0.89%$792,31241.1K
34FHIFEDERATED HERMES INCCL B0.88%$777,49413.7K
35ACRSACLARIS THERAPEUTICS INCCOM0.83%$738,908197.0K
36DNTHDIANTHUS THERAPEUTICS INCCOM0.82%$730,0208.7K
37VSNTVERSANT MEDIA GROUP INCCOM CL A0.79%$703,26919.0K
38TERNS PHARMACEUTICALS INCCOM0.79%$701,22913.3K
39SVRASAVARA INCCOM0.79%$700,933128.4K
40HRTGHERITAGE INSURANCE HLDGS INCCOM0.78%$695,46826.5K
41GMGENERAL MTRS COCOM0.77%$685,9229.2K
42MRKMERCK & CO INCCOM0.77%$680,8415.7K
43DECKDECKERS OUTDOOR CORPCOM0.76%$671,4046.7K
44PRGPROG HOLDINGS INCCOM NPV0.72%$639,75822.3K
45NYTNEW YORK TIMES CO MTN BECL A0.71%$628,7297.5K
46SNDSMART SAND INCCOM0.71%$628,204122.7K
47VRDNVIRIDIAN THERAPEUTICS INCCOM0.69%$609,86131.2K
48TERTERADYNE INCCOM0.67%$597,6632.0K
49RCKYROCKY BRANDS INCCOM0.65%$580,80015.0K
50HCIHCI GROUP INCCOM0.65%$577,7783.7K
51ZURA BIO LTDCLASS A ORD SHS0.65%$577,75797.1K
52SNFCASECURITY NATL FINL CORPCL A NEW0.64%$568,80060.0K
53ASA GOLD AND PRECIOUS MTLS LSHS0.63%$563,2949.1K
54ISHARES TRIBOXX HI YD ETF0.63%$562,4897.1K
55SNEXSTONEX GROUP INCCOM0.63%$560,2766.9K
56GRVYGRAVITY CO LTDSPONSORED ADS NE0.62%$552,6218.9K
57SLDESLIDE INS HLDGS INCCOM0.62%$551,84430.7K
58GPCRSTRUCTURE THERAPEUTICS INCSPONSORED ADS0.62%$546,34711.3K
59BLMNBLOOMIN BRANDS INCCOM0.61%$540,000100.0K
60ERASERASCA INCCOM0.60%$535,07333.1K
61NEMNEWMONT CORPCOM0.60%$532,9154.9K
62MGMISTRAS GROUP INCCOM0.57%$510,29434.5K
63EMBCEMBECTA CORPCOMMON STOCK0.55%$486,20055.0K
64ASOACADEMY SPORTS & OUTDOORS INCOM0.54%$479,8258.5K
65MRPMILLROSE PPTYS INCCOM CL A0.54%$479,41617.1K
66MIAXMIAMI INTL HLDGS INCCOM0.54%$478,01512.3K
67CRBPCORBUS PHARMACEUTICALS HLDGSCOM NEW0.53%$471,86650.3K
68CRUSCIRRUS LOGIC INCCOM0.53%$468,1353.2K
69NTCTNETSCOUT SYS INCCOM0.53%$468,01214.7K
70MMACYS INCCOM0.52%$463,15825.6K
71EMSMART SH GLOBAL LTDADS0.52%$461,128408.1K
72NXTCNEXTCURE INCCOM NEW0.52%$458,75943.0K
73TARSTARSUS PHARMACEUTICALS INCCOM0.50%$443,9096.3K
74VTRSVIATRIS INCCOM0.49%$439,07532.5K
75MMIMARCUS & MILLICHAP INCCOM0.47%$413,18215.5K
76AVTAVNET INCCOM0.46%$412,9776.7K
77EWTXEDGEWISE THERAPEUTICS INCCOM0.46%$411,13813.1K
78VERAVERA THERAPEUTICS INCCL A0.46%$409,58210.2K
79CVSCVS HEALTH CORPCOM0.46%$409,3745.7K
80WHWKWHITEHAWK THERAPEUTICS INCCOM0.45%$398,420115.5K
81BWABORGWARNER INCCOM0.44%$394,4167.3K
82AXGNAXOGEN INCCOM0.43%$381,22711.5K
83TRI POINTE HOMES INCCOM0.43%$380,7098.1K
84FORMFORMFACTOR INCCOM0.42%$376,0303.9K
85APEIAMERICAN PUB ED INCCOM0.41%$362,1556.4K
86FIGSFIGS INCCL A0.40%$358,18724.3K
87CCSICONSENSUS CLOUD SOLUTIONS INCOM0.40%$356,10015.0K
88KODKODIAK SCIENCES INCCOM0.39%$347,4649.1K
89DAKTDAKTRONICS INCCOM0.39%$345,87917.7K
90SLABSILICON LABORATORIES INCCOM0.39%$343,4481.6K
91OVIDOVID THERAPEUTICS INCCOM0.38%$337,260151.9K
92DXCDXC TECHNOLOGY COCOM0.38%$335,02826.7K
93PRDOPERDOCEO ED CORPCOM0.37%$333,0308.9K
94ARWARROW ELECTRS INCCOM0.37%$332,7112.3K
95ARCELLX INCCOMMON STOCK0.37%$332,1742.9K
96RLMDRELMADA THERAPEUTICS INCCOM0.37%$328,15747.1K
97DJCODAILY JOURNAL CORPCOM0.37%$327,509679
98SUPNSUPERNUS PHARMACEUTICALSCOM0.37%$325,3896.3K
99MSBMESABI TRCTF BEN INT0.37%$324,54510.3K
100NSSCNAPCO SEC TECHNOLOGIES INCCOM0.36%$318,7048.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$89M179May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$87M104Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2024$75M93Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$87M111Aug 6, 202413F-HRchanges · EDGAR ↗
Q1 2024$92M147May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$49M53Feb 9, 202413F-HRchanges · EDGAR ↗
Q3 2023$65M51Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$64M46Aug 9, 202313F-HRchanges · EDGAR ↗
Q1 2023$50M38May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$99M29Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$69M25Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$106M28Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$122M34May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$148M42Feb 9, 202213F-HRchanges · EDGAR ↗
Q3 2021$138M46Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$51M22Aug 10, 202113F-HRchanges · EDGAR ↗
Q1 2021$314M37May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$265M39Feb 16, 202113F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.